Emeren Group Ltd

Hello, ladies and gentlemen. Thank you for standing by for Ameren Group Limited's first quarter 2023 earnings conference call. Please note that we are recording today's conference call. I will now turn the call over to Mr. Yujia Zhai, Managing Director of the Blue Shirt Group. Please go ahead, Mr. Zhai.

Thank you, Operator, and hello, everyone. Thank you for joining us today to discuss our first quarter 2023 results. We released our shareholder letter after the market closed today. It's available on our website at ior.mrun.com. We also provided a supplemental presentation that's posted on our I.O. website that we will reference during our prepared remarks. On the call with me today are Mr. Yuen Lu, Chief Executive Officer, Mr. Kurt Chen, Chief Financial Officer, and Mr. John Yuen, CEO of North America. Before we continue, please turn to slide two. Let me remind you that remarks made during this call may include predictions, estimates, or other information that might be considered forward-looking. These forward-looking statements represent MRN Group's current judgments for the future. However, they are subject to risks and uncertainties that could cause actual results to differ. Those risks are described under risk factors and elsewhere in MRN Group's filings with SEC. Please do not place undue reliance on these forward-looking statements. which reflect Emory Group's opinions only as of the date of this call. Emory Group is not obliged to update you on any revisions to these forward-looking statements. Also, please note that unless otherwise stated, all figures mentioned during the conference call are in real dollars. With that, let me now turn the call over to Mr. Yumen Liu. Yumen?

Thank you, Eugeo, and good day, everyone. Thank you for joining our call today. I will begin by presenting a high-level overview of our first quarter 2023 results, followed by an in-depth discussion on our guidance. Then Ke, the company CFO, will provide a comprehensive review of our financial results for Q1. Additionally, we are delighted to have our North American CEO, John, join us for the QA session. To start off, we closed Q1 with revenue of $12.9 million, gross margin of 12.4% and EBITDA of 1.8 million. Our Q1 revenue reflected solid contribution from our IPP and EPC business, driven partially by our recent acquisitions. However, delays in receipt of the final approvals and more conservative judgment in change of control in our RTB project sales business resulted in no revenue recognition during Q1 2023. In May, we completed the sale of 58 megawatt solar farm projects in Poland, and this will be recognized in our Q2 results. Looking forward, under a more conservative judgment in change of control, we expect to recognize revenue for RTB project sales starting from Q2 and more in the second half due to the timing of the expected final approvals of pending product sales. Accordingly, we expect our Q2 revenue to be about 38 to 40 million and gross margin to be 32 to 35%. Our second half results will be driven by the expected closings of over 300 megawatts of product sales in Europe and US. For the full year, we iterated our revenue expectation to be in the range of 154 million to 174 million, and gross margin to be approximately 30%, and net income to be between 22 million to 26 million. Despite the temporary delays mentioned earlier, Our project development business remains very strong fundamentally. We are experiencing sustained strong demand for solar projects on global scale. We entered 2023 with three gigawatts of high quality mid to late stage project pipeline, and we anticipate to monetize about 500 megawatt of projects in 2023. And we are targeting to grow this pipeline to four gigawatts by the end of 2023, and beyond 2023, we are targeting to monetize a minimum five to 600 megawatts a year. In China, we are making ongoing progress in our realignment strategy to the rest of the world as develop, build, own, or sell, compared to the original strategy of develop, build, own as IPP. In conjunction, we are refocusing our efforts to five coastal provinces that have the most favorable power prices supported by strong economy and regulatory environment. Our plan is to divest all of our solar assets outside of the designated five provinces, as well as some assets within the specific target markets. This strategic move will help strengthen our balance sheet. In conclusion, we remain excited about our revenue growth this year and beyond, driven by our strong project pipeline. We are well positioned in the world's fastest growing solar markets that are benefiting from increasing demand for clean energy, higher PPA prices, and supportive government policies. The future of solar energy is extremely promising, and we are positioned to fully capitalize on the accelerating adoption of solar technology across the globe. With our exceptional expertise in developing and operating solar projects, extensive network of industry partnerships, a strong financial position, we are making great strides towards our goal to become a top global solar company. We are thrilled about the bright future of the solar energy and are excited to be at the forefront of this incredible transformation towards a more sustainable future. Now, let me turn the call over to our CFO, Ke Qian, to discuss our financial performance in detail. Ke, please.